Go through this post to learn how to start a career in accounting. You will also know the different fields you can practice as a professional accountant. Before you start developing your career in accounting, you need to know what accounting is all about.
What is accounting?
Accounting is the study of how businesses track and manage their income and assets over time. For instance, accountants do much more than one can imagine; firstly, they compute costs and efficiency gains from new technologies. Secondly, they participate in strategies for mergers and acquisition like quality management. Thirdly, they develop and use information systems to track financial performance, tax strategy, and health care benefits management.
Five areas to start a career in accounting
A career in accounting is highly momentous and versatile. As a result, the field is usually divided into five broad areas, which are auditing, budget analysis, financial, tax, and management accounting
Fields where you can practice as a professional accountant
- Audit Account: Work in audit involves checking accounting ledgers and financial statements within corporations and government.
- Budget Analysis Account: Budget analysts are responsible for developing and managing an organization’s financial plan.
- Financial Accounting: Financial accountants prepare financial statements based on general ledgers, and participate in important financial decisions. Involving mergers and acquisitions, benefits/ERISA planning and long-term financial projections.
- Tax Accounting: Accountants prepare corporate and personal income tax statements and develop tax strategies. such issues include financial choices. how to best treat a merger or acquisition, deferral of taxes, etc.
- Management Accounting: Management accountants work in companies and participate in decisions about capital budgeting and line of business analysis
Levels of skills you need to acquire to start a career in accounting
Various levels of skill are apportioned dissimilarly amongst the divisions when building a career in accounting. That is to say, depending on your level, their will be specific demands on your adeptness. Meanwhile, average speaking skills are requisites for all areas; the ability to synthesize varies throughout each. For example, audit accounting requires a medium level of skill. Also, tax and financial accounting demands a low level of skill, and Management accounting a high level of proficiency.
Entry level accountants can expect a very team oriented environment. Often they will start as a junior member of a team, responsible for auditing an important account or preparing financial statements. It is imperative that junior members learn to pull their weight, and function as a capable, effective, and useful member of the unit. Anyone interested in this field can prepare for a bright career.
According to the bureau of labor statistics there have been considerable increases in job openings, reflective of the fields growth and competitiveness. With the right skills and education this growth establishes the possibility for an incredibly profitable career.
Top firms of accounting that can consider entry level position
Top accounting firms that can help you to develop your accounting career include;
- KPMG/Peat Marwick
- Ernst and Young
- Deloitte and Touche
- Arthur Anderson
- Price WarterhouseCoopers
- Grant Thornton
- BDO Seidman
- McGladerly and Pullen
College graduates seeking entry level positions in accounting should consider employment with these firms. Most people do not make partner at public accounting firms but the experience and training can be excellent.
From there, many move on to careers with an accounting focus in business or government. Ambitious talented accountants can advance their career with the acquisition of skills and experience along the way, and subsequently enjoy a very successful career.